Home  >  Why eMerge™  >  Is 'Consolidation', time consuming?
 
These are some of the several reasons why eMerge™ speeds up your consolidation process...
 
Collaborative work-flow where each entity works independently and simultaneously
eMerge™ is installed on your corporate server and accessed by the entities of your group through a web browser, securely behind your company’s firewall. As a result, all entities can work simultaneously on eMerge.

Each entity can upload its own Trial Balance and finalize its standalone reports independently. Once the standalone reports are ready, they can be frozen, so that the inputs can be picked up by the corporate office for consolidation. This collaborative workflow, drastically reduces time and speeds up consolidation

Automatic capture of trial balances from your ERP
It is also possible to set up a process by which, your ERP generates the Trial Balance of the period that is closed, in a pre-decided folder on your server (to which no human being has an access). eMerge™ has got a ‘listener’ module that keeps watching this folder for any new Trial Balance that comes up. As soon as it sees a new trial balance appearing in the folder, it picks it up and imports it into eMerge™ – absolutely without any manual intervention.

This achieves two things – the data is directly put into eMerge™ without any manual handling (thus not allowing any mistaken or intentional changes in the TB) and secondly, there is absolutely no time lost between the month close and the data being imported into eMerge™.

Of course, there is also a method available to import the Trial Balance manually, if the company so chooses.

Checklist for follow-up
The corporate office sees a checklist on their dashboard to know who is lagging behind, so they can effectively follow up.
   
Automated computation of Minority Interest and maintenance of an audit trail
eMerge™ maintains the holding percentage of any subsidiary in its parent entity and allows you to keep a record of changes in holding percentage taking place at any time. This enables automatic computation of Minority Interest even when the holding percentage changes in between a period. A detailed report of this computation is available.

Hence, a complete audit trail with detailed computation is made available for auditors.

Automated computation of goodwill/capital reserve arising on consolidation
The Goodwill/Capital Reserve arising out of Investment and Share Capital of a holding entity and its subsidiaries is computed by the system during consolidation, and a detailed report on this is also available

Automated computation of Foreign Currency Translation Reserve (FCTR)
While preparing the Balance sheet of any entity in foreign currency, FCTR is computed according to AS-11. The average and closing currency rates are maintained in the system. There is a provision to capture and maintain historic figures of Share Capital etc. in case an entity is defined as an integral entity.

At the time of consolidation, the sale/purchase, the debtors/creditor transactions (i.e. eliminations) between entities are accepted in the system. The exchange rate difference arising because of the conversion of transaction currency to the base currencies is computed and reported in the consolidated balance sheet.
 
All the above – and many more such features – ensure that your financial consolidation is done faster that you are currently doing.
For a demo...
demo@emergeconsol.com
 
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